§ Colonel WEDGWOOD
asked the Secretary to the Treasury what were the net yields for the financial year ended 31st March, 1919, under each of the Schedules A, B, C, D, and E, respectively, of the Income Tax; what was the total yield of them all; what was the yield of the Super tax; and what was the aggregate yield of the Income Tax and the Super-tax combined?
§ Mr. BALDWIN
The approximate net receipts in the financial year to 31st March last were as follows:
Income Tax … … £257,500,000 Super-tax … … 35,560,000 £293,060,000
The following is the estimated distribution of the Income Tax among the various Schedules:
Schedule A … … £21,800,000 Schedule B … … 4,800,000 Schedule C … … 19,700,000 Schedule D … … 185,600,000 Schedule E … … 25,600,000 Total £257,500,000
The "net receipt" for any given year represents the amount of tax actually collected within the year (no matter for what year the tax may have been assessed) less the amount of tax refunded, etc., within the year. It necessarily differs somewhat from the payments into the Exchequer in the same year, owing to the fact that revenue received in the provinces occupies a certain time in course of transmission to headquarters.